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  "docSlug": "f004c0c14f61",
  "documentTitle": "Bolloré SA (BOL FP)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2015-02-17 00:00:00",
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  "notes": "Page 12 of 26. Contains multiple tables: Revenue, Growth, Financial Metrics, Estimated Ports performance, and Valuation multiples.",
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      "kind": "metric",
      "text": "EBITDA: 713",
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      "kind": "paragraph",
      "text": "We believe that Bolloré Logistics operations outside of Africa are a slow growth 4% to 5% EBIT margin business based on its position as the fifth largest player in Europe. We believe this business is similar to that of Kuhne or Panalpina, and is likely responsible for approximately 25% of the logistics segment's EBITDA.",
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      "kind": "paragraph",
      "text": "contribution of the remaining Africa logistics business therefore in our comparative calculation we weighted each asset based and non-asset based equally across the remaining turnover figures of €2,943 for Bolloré logistics and €1,508 for the land based Africa logistics.",
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      "text": "Estimated Ports Revenue and EBITDA contribution (2012-2013)",
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      "text": "Valuation buildup table using TEV/EBITDA, TEV/EBIT, and P/E multiples",
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